China’s Counter Cyclical Currency Policy Triggers Fresh Buying In Nifty


Nifty launched a breakout rally of 92 points in today’s trading and made a high of 11700 approx. Today’s bull run was powered by PBOC’s decision to introduce a Counter-Cyclical Policy aimed at strengthening the Yuan against the US Dollar. India’s benchmark index opened at 11608, approximately 51 points above its previous closing. Strong buying in the 11700, 11800 call options pushed Nifty close to its day high. The 11700 call option buyers bagged an astonishing 330% returns and 11800 call option buyers roped in a whopping 464% return intraday. In today’s trade, Nifty took the support of the 5 DEMA high (11610 approx) and closed above its upper Bollinger band at (11692 approx). The index will find strong support around 11610 and the nearest upside target for Nifty is around the monthly upper Bollinger band (11725 approx).

Stocks Under The Scanner
In today’s trade Hindalco shares rose 3.65%, while Bharti Airtel shares rose 3.51%. Sun Pharma shares dropped 1.32% in the course of the day’s trade.



The Outlook for 28th August 2018
Nifty Chart Levels
In today’s session, Nifty opened 51 points gap up in the morning and closed comfortably above the daily upper Bollinger band (11692 approx). The index took the support of the 5 DEMA high (11610 approx) and is likely to find its nearest target around the monthly upper Bollinger band (11725 approx). Nifty will find strong support around the 11610 mark approx. 



Bank Nifty Chart Levels
In today’s trading, the massive short covering was witnessed in the 27900, 28000 and the 28100 Call options. The index opened 141 points gap up at 27975 approx and took the support of its mid-Bollinger band (27915 approx). Bank Nifty closed above the 5 DEMA high ( 28264 approx) and is likely find support around the 5 DMA (28114 approx). The nearest upside target for the banking index is around the upper Bollinger band (28432 approx).







Large Cap & Mid Cap Gainers








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Nifty launched a breakout rally of 92 points in today’s trading and made a high of 11700 approx. Today’s bull run was powered by PBOC’s decision to introduce a Counter-Cyclical Policy aimed at strengthening the Yuan against the US Dollar. India’s benchmark index opened at 11608, approximately 51 points above its previous closing. Strong buying in the 11700, 11800 call options pushed Nifty close to its day high. The 11700 call option buyers bagged an astonishing 330% returns and 11800 call option buyers roped in a whopping 464% return intraday. In today’s trade, Nifty took the support of the 5 DEMA high (11610 approx) and closed above its upper Bollinger band at (11692 approx). The index will find strong support around 11610 and the nearest upside target for Nifty is around the monthly upper Bollinger band (11725 approx).

Stocks Under The Scanner
In today’s trade Hindalco shares rose 3.65%, while Bharti Airtel shares rose 3.51%. Sun Pharma shares dropped 1.32% in the course of the day’s trade.



The Outlook for 28th August 2018
Nifty Chart Levels
In today’s session, Nifty opened 51 points gap up in the morning and closed comfortably above the daily upper Bollinger band (11692 approx). The index took the support of the 5 DEMA high (11610 approx) and is likely to find its nearest target around the monthly upper Bollinger band (11725 approx). Nifty will find strong support around the 11610 mark approx. 



Bank Nifty Chart Levels
In today’s trading, the massive short covering was witnessed in the 27900, 28000 and the 28100 Call options. The index opened 141 points gap up at 27975 approx and took the support of its mid-Bollinger band (27915 approx). Bank Nifty closed above the 5 DEMA high ( 28264 approx) and is likely find support around the 5 DMA (28114 approx). The nearest upside target for the banking index is around the upper Bollinger band (28432 approx).







Large Cap & Mid Cap Gainers








 
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